Gold News

Silver Price Jumps 7.8% for the Week as Gold Adds 2.1%, Gold Miner Stocks Rise 5.8%

From Chris Mullen at

Gold climbed $4.69 to $1388.39 per ounce in Asia on Friday, before it fell back to $1381.25 in London. The Silver Price saw modest gains in Asia and London before accelerating markedly higher in New York.

The Gold Price then climbed to a new session high of $1391.75 in New York and ended with a gain of 0.3% on the day.

The Silver Price ended near the late session high of $32.86 with a gain of 2.8% on the day at a new 31-year high.

For the week, the Gold Price in Dollars rose 2.1%. The silver price rose 7.8%.

The Gold Price in Euros rose 1.3% for the week to about €1014 per ounce.

Platinum lost $8.75 per ounce on Friday to $1830, and copper remained at about $4.48.

Gold Mining and silver equities rose about 2% by early afternoon in New York, but they then fell back off into the close and ended with only slight gains.

For the week, the HUI Gold Mining stock index rose 5.8%.

US crude oil held steady on continued tensions in the Middle East, while the US Dollar index slipped lower again. The Euro rose on increased expectations for an interest rate hike by the European Central Bank.

Treasuries fell as the Dow, Nasdaq, and S&P rose on decent earnings reports.

For the week, the Dow and S&P added 1.0%.

US markets are closed on Monday in observance of Presidents Day. Canadian Markets will also be closed for a variety of different holidays, depending on which province one is in.

Next week's US economic highlights include the Case-Shiller 20-city Index and Consumer Confidence on Tuesday; Existing Home Sales on Wednesday; Initial Jobless Claims, Durable Goods Orders, and New Home Sales on Thursday; and GDP and Michigan Sentiment on Friday.

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Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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